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Damion's Tribute

  • #281
  • Jul 21, 2009 11:44pm Jul 21, 2009 11:44pm
Pretty much a great ABCD on AUD/JPY. If it works out, it can go for a while.

We have two Fibs converging with each other and with the TL.
A Bearish engulfing bar that engulfs the previous 9 4H bars. That's 36 hours worth of ticks engulfed by just 4 hours!
Price has retraced just past the 61.8 of the BE 4H bar. Giving a very nice entry.
The Daily bar is an engulfing bearish spinning top thingy (not necessarily the ideal bar)

My stop is above the high of said bar.
My first take profit is just above a recent support level carved out on the way up to the TL, and a big round number of 75.00. The rest I'll hold on to for a while.
It may be safer to put the SL above the previous swing high, but I feel that the PA was so strong that if it is violated, the trade is dead anyway.
I also have a sell limit in place for a small piece should price pull back a little more and give a gartley entry.
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  • #282
  • Jul 22, 2009 1:58am Jul 22, 2009 1:58am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting Nimrod
Finswin56 bro, I m stalking this too.Let see how it turns out.I m watching the Daily as well as the 4hrTF.
Hi Fin,
Remember this GBPJPY chart? you and I were stalking this ,and look how it turn out to be.I m out with 200pips , that is enough for me.I hope you harvested the pip.


BTW look good in the Daily TF too.
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  • #283
  • Jul 22, 2009 2:22am Jul 22, 2009 2:22am
http://www.forexfactory.com/showpost...stcount=185370


and guyz look at daily, the yen seems ready to dive down
thanks
  • #284
  • Jul 22, 2009 3:52am Jul 22, 2009 3:52am
http://www.forexfactory.com/showpost...stcount=185391
  • #285
  • Jul 22, 2009 8:50am Jul 22, 2009 8:50am
Quoting Nimrod
Hi Fin,
Remember this GBPJPY chart? you and I were stalking this ,and look how it turn out to be.I m out with 200pips , that is enough for me.I hope you harvested the pip.


BTW look good in the Daily TF too.
It was a sweet setup. Unfortunately I wasn't available to take it at the time. Glad to see you made some nice pips though!
I did get in on the gbp/chf setup (that I posted last night) after PA rejected the 78.6% ret leg. It's basically the same setup as the gbp/jpy, but long instead of short.
  • #286
  • Jul 22, 2009 8:26pm Jul 22, 2009 8:26pm
Quoting aftab
Hi Tunji,

I have just had a look at your thread.

It has helped me give market structure to the AB=CD.

Thank you.
You're welcome Aftab; and, really, you guys are doing great here. I’ll try and visit this thread often – I’m sure it would worth it.
  • #287
  • Jul 22, 2009 8:45pm Jul 22, 2009 8:45pm
Been taking a break these days from trading, had a pretty bad week, a result of too many losing trades on the yen pairs. I was hoping to see strong reaction at major resistance across most pairs but the market's risk appetite is holding out too strongly.

Overall performance for this month: -2%

My 3% gains from the first week was eroded by last week's trades, net floating is -50 pips now with open trades in AJ, UJ, and GBPCAD.

Next week I hope to get a clearer direction of market sentiment, hopefully I get a chance to get back some.
  • #288
  • Jul 22, 2009 8:52pm Jul 22, 2009 8:52pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Hi Tunji bro,
I hope to have your input in this wonderfull thread.Collectively your insights and the stuff the guys put in here will be a one of a kind thread.
  • #289
  • Jul 22, 2009 9:40pm Jul 22, 2009 9:40pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting soyabean
Been taking a break these days from trading, had a pretty bad week, a result of too many losing trades on the yen pairs. I was hoping to see strong reaction at major resistance across most pairs but the market's risk appetite is holding out too strongly.

Overall performance for this month: -2%

My 3% gains from the first week was eroded by last week's trades, net floating is -50 pips now with open trades in AJ, UJ, and GBPCAD.

Next week I hope to get a clearer direction of market sentiment, hopefully I get a chance to get back some.
Hi Bean,
I too have my ups and downs and took a breather.Take a break bean.I m sure you will get your mojo back.
  • #290
  • Jul 22, 2009 10:54pm Jul 22, 2009 10:54pm
Quoting soyabean
Been taking a break these days from trading, had a pretty bad week, a result of too many losing trades on the yen pairs. I was hoping to see strong reaction at major resistance across most pairs but the market's risk appetite is holding out too strongly.

Overall performance for this month: -2%

My 3% gains from the first week was eroded by last week's trades, net floating is -50 pips now with open trades in AJ, UJ, and GBPCAD.

Next week I hope to get a clearer direction of market sentiment, hopefully I get a chance to get back some.
Some very nice setups are just not working out right now. Being a good range trader would be a very nice tool to add for me.
  • #291
  • Jul 23, 2009 3:08am Jul 23, 2009 3:08am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting finswin56
Some very nice setups are just not working out right now. Being a good range trader would be a very nice tool to add for me.
Dude , count me in if you have one.I dont mind having such tool for my arsenal.
LOL
  • #292
  • Edited 4:31am Jul 23, 2009 4:19am | Edited 4:31am
Quoting Tunji
You're welcome Aftab; and, really, you guys are doing great here. I’ll try and visit this thread often – I’m sure it would worth it.
Tunji,

What really got me think about your thread was when Mike posted the trend on the CHF before I took a trade which I should never have taken even if it had a very small stop. Same with the CAD pair. Anyways, my lossing trades have paid me more than my winning trades in terms of refining my trading by putting on filters to be able to pick the best trades.

The reason I think your system and DRA's system complement each other is for the following reasons:

1. The probabilities of price bouncing off the trendline maybe ascertained better with your system - this is specially true when there is a change of trend.

2. Your system works very well for the "NOW" (if you have read "Trading In The Zone" you will know what I am talking about) moment rather than what the long term trend is.

3. Your system helps the trader to get another entry with the trend as compared to have missed the confirming candle - and just missing the trade and usually the trend which DRA's system is superb at.

4. There are many goods trades from the time price changes short term direction till the next time it bounces of the trendline. That too is a trend so why not trade it.

5. Most importantly it has given me a system which has allowed me to incorporate my style of trading the Gartley, fibs and ABCD.

This is one trade I took yesterday combining the DRA system, your system and a Gartley entry.

Please excuse the messy chart. Price has come down to almost the last pip both in terms of entry as well as Profit Target 1 & 2.

I also took another trade - a little riskier on the 5 min chart but another beautiful Gartley with a very very tight spot.
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AFTAB Time Will Tell & Price Will Show
  • #293
  • Jul 23, 2009 5:22am Jul 23, 2009 5:22am
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
This could be a Crown formation in the 4hr tf.Wait for CF and this might work out.
Attached Image
  • #294
  • Jul 23, 2009 8:21am Jul 23, 2009 8:21am
Quoting Nimrod
This could be a Crown formation in the 4hr tf.Wait for CF and this might work out.
NB: The crown no longer valid if the high is broken. Once the test is higher than the previous high then it has a higher percentage of going up.
  • #295
  • Jul 23, 2009 8:43am Jul 23, 2009 8:43am
Quoting soyabean
Been taking a break these days from trading, had a pretty bad week, a result of too many losing trades on the yen pairs. I was hoping to see strong reaction at major resistance across most pairs but the market's risk appetite is holding out too strongly.

Overall performance for this month: -2%

My 3% gains from the first week was eroded by last week's trades, net floating is -50 pips now with open trades in AJ, UJ, and GBPCAD.

Next week I hope to get a clearer direction of market sentiment, hopefully I get a chance to get back some.
Soya dont get depress because you lost a few trades and at the same time dont get elated if you should win a few trades. Dont judge yourself from your last couple of trades.
Now, the yeng crosses are still 70% bullish, even though the daily trend lines are broken, you will see where support and past resistance levels were tested but not broken. As a good friend say to me the other day "the carry trade is back".
Traders buying and holding yen crosses for the daily interest.
  • #296
  • Jul 23, 2009 10:05am Jul 23, 2009 10:05am
Quoting aftab
Tunji,

What really got me think about your thread was when Mike posted the trend on the CHF before I took a trade which I should never have taken even if it had a very small stop. Same with the CAD pair. Anyways, my lossing trades have paid me more than my winning trades in terms of refining my trading by putting on filters to be able to pick the best trades.

The reason I think your system and DRA's system complement each other is for the following reasons:

1. The probabilities of price bouncing off the trendline maybe ascertained better...
Aftab, this is so great! I’m happy the method is aiding you to build your individual method. YOU GOT IT! – Trading in the Moment – the “now moment.” Trading in the Zone is simply the book; it has really helped me to know exactly who I need to be – rather than what I need to do – to become a successful trader. One of the priceless info I got from Mark Douglas is the need to have an “edge,” believe in it, and be consistent with it.
You sound so much like an independent thinker working toward creating an “edge” that suits his personality.

I must admit that I didn’t fully grasp your chart analysis, since I don’t know all that you know about DRA’s system, but an important truth I perfectly understand is you’re on that high way to building your unique edge. Sincerely, I believe we aren’t far from each other regarding the growth-phases we are in – trading-wise.
Personally, I’m determined to make this year (12-month period) a profitable year – a step further from the negligible profit I recorded in the last 12-month period.

Thanks so much for this Aftab; and I wish you, every purposeful trader, and myself Godspeed.
  • #297
  • Jul 23, 2009 10:08am Jul 23, 2009 10:08am
Quoting Nimrod
Hi Tunji bro,
I hope to have your input in this wonderfull thread.Collectively your insights and the stuff the guys put in here will be a one of a kind thread.
lol. Thanks for your kind words Nimrod. I would’ve loved to have an input, but you guys are more experienced with the method discussed here; so I’ll gladly follow you as much as I can till I am confident enough to offer appropriate and useful insights.
  • #298
  • Jul 23, 2009 8:49pm Jul 23, 2009 8:49pm
Quoting Nimrod
Dude , count me in if you have one.I dont mind having such tool for my arsenal.
LOL
ha! I wish. Just not my style of trading.

My AUD/JPY stopped out when the new highs were made, but my 4H GBP/CHF gartley is working very well right now. I took partial profits at around 1:1.5 R:R, and am letting the rest run to the 127 fib. I'm at break even right now, and it's a nice stress free way of watching a trade run.
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  • #299
  • Jul 23, 2009 9:22pm Jul 23, 2009 9:22pm
Should you be so inclined as to fade the current rally in equities, this wouldn't be a horrible place to look with GBP/JPY (EUR/JPY has a similar thing going on, and CAD/looks pretty good too).
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  • #300
  • Jul 23, 2009 11:26pm Jul 23, 2009 11:26pm
  •  Nimrod
  • | Joined Oct 2008 | Status: Energy and persistence conquer all | 168 Posts
Quoting httham
NB: The crown no longer valid if the high is broken. Once the test is higher than the previous high then it has a higher percentage of going up.
You are absolutely correct bro.

Thats the beauty of this ABCD system.It employs every departments such as the gartley, crown H&S and so forth.Stalking for the right moment is less painful nowadays ....for me.
Obviously the King's crown did not formed as the confirmation candle did not happened and thus we are spared from making losses.Sometimes we have to see the negative side of thing especially in trading.As you pointed out, there is no trade hence no trade as the crown formation did not materialized.Had that took place dude,we would have been piping.
As I said earlier, it could be a crown in the making but we need a third candle to confirming a reversal below the head level, but instead price had to make a hh.
No trade is also a trade.But I m sure some ABCD pattern will eventually show and it will be up to us to take it out.
Keep up the good work and always ask yourself how much will I risk if I pull the trigger.......
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